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|Huaneng Hydro Named the Second Place among the Best IPOs of the Year |
| On March 20th, the 11th “New Fortune China Best Investment Bank” list was released. Huaneng Lancang River Hydropower Co., Ltd. (Stock Abbreviation: Huaneng Hydropower, Shanghai Stock Code: 600025) IPO project was listed as the second best 2017 IPO among 300 projects. |
Since 2001, “New Fortune” magazine has launched many pioneering rankings such as “New Fortune Best Analyst”, “New Fortune China Best Investment Banking” and “Gold Board Secretary”, which make the magazine one of the most credible and influential brands in Chinese capital market. The “New Fortune China’s Best Investment Banking” event has been held for 11 years consecutively and has been highly recognized by the Chinese capital market and all sectors of society. More than 300 candidates for the best IPO project were evaluated, which was conducted from the dimensions of project innovation, pricing capability, industry response, etc. to conduct a comprehensive evaluation. The winners were finalized based on votes of institutional investors and listed companies.
In the whole year of 2017, the China Securities Regulatory Commission reviewed 479 IPO applications, among which Huaneng Hydropower and other 380 projects in total passed with a passing rate of 79.33%. On October 13, 2017, after the 17th Issuing and Auditing Committee took office, the IPO approval rate dropped to 57.84%.
Huaneng Hydropower landed on the Shanghai Stock Exchange on December 15, 2017 and issued a total of 1.8 billion shares with a financing amount of 3.906 billion yuan, which marked the largest real-estate project with the largest issuance in 2017 and the largest amount of funds raised. It has been the first A-share IPO in the Shanghai Stock Exchange among SOEs in power sector since 2006, the first one implementing the new regulations for the transfer of state-owned shares, and the second IPO project approved by the 17th session of the Issuing and Auditing Committee.